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Tesla Expected to Report $440 Million Writedown on Its Bitcoin Holdings

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Sun, 3/07/2022 - 18:40
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Tesla Expected to Report $440 Million Writedown on Its Bitcoin Holdings
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E-car maker Tesla is likely to report an impairment loss of roughly $440 million in its upcoming quarterly report, according to a Sunday report published by The Telegraph.

The world’s largest cryptocurrency is trading slightly above the $19,000 level at the time of writing this article.

Tesla caused a huge stir in the investment community by buying $1.5 billion worth of Bitcoin last February, pushing the price of the world’s largest cryptocurrency to record highs.

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The e-car maker sold some of its holdings back in March 2021 in order to test the cryptocurrency’s liquidity.

Its Bitcoin stash has remained unchanged since then despite the fact that the company stopped accepting the leading coin for payments last May, causing a major price correction.

In February, Tesla reported that its Bitcoin stash was worth $2 billion

The Elon Musk-helmed company reported a Bitcoin-related impairment of $51 million. 

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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